Sec. 38a-954. (Formerly Sec. 38-472). Domiciliary liquidators in other states.
Sec. 38a-954. (Formerly Sec. 38-472). Domiciliary liquidators in other states.
(a) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except
as to special deposits and security on secured claims pursuant to subsection (c) of section
38a-955, be vested by operation of law with the title to all of the assets, property, contracts
and rights of action, agents' balances and all of the books, accounts and other records
of the insurer located in this state. The date of vesting shall be the date of the filing of
the petition, if that date is specified by the domiciliary law for the vesting of property
in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of
the order directing possession to be taken. The domiciliary liquidator shall have the
immediate right to recover balances due from agents and to obtain possession of the
books, accounts and other records of the insurer located in this state. He also shall have
the right to recover all other assets of the insurer located in this state, subject to section
38a-955.
(b) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the commissioner of this state shall be vested by operation of law with the title
to all of the property, contracts and rights of action and all of the books, accounts and
other records of the insurer located in this state, at the same time that the domiciliary
liquidator is vested with title in the domicile. The commissioner of this state may petition
for a conservation or liquidation order pursuant to section 38a-952 or 38a-953, or for
an ancillary receivership pursuant to section 38a-955, or after approval by the Superior
Court may transfer title to the domiciliary liquidator, as the interests of justice and the
equitable distribution of the assets require.
(c) Claimants residing in this state may file claims with the liquidator or ancillary
receiver, if any, in this state or with the domiciliary liquidator, if the domiciliary law
permits. The claims must be filed on or before the last date fixed for the filing of claims
in the domiciliary liquidation proceedings.
(P.A. 79-382, S. 52; P.A. 92-93, S. 29.)
History: Sec. 38-472 transferred to Sec. 38a-954 in 1991; P.A. 92-93 amended Subsec. (a) re applicable law of vesting
of property and made technical corrections for statutory consistency.